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Thyssenkrupp in Talks to Buy Steel Trader Kloeckner - Report

Steel News - Published on Fri, 23 Aug 2019

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German industrial group Thyssenkrupp is in talks to buy metals distributor Kloeckner & Co in a move to strengthen its materials trading business, Handelsblatt reported citing sources familiar with the matter. The Newspaper said that Thyssenkrupp CEO Guido Kerkhoff, under pressure after a fourth profit warning on his watch sent the group’s shares to a 16-year low, has put a deal to buy Kloeckner & Co at the centre of a turnaround plan he is working on.

One source familiar with the matter told Handelsblatt that “This objective is very concrete and has a good chance of being realised.” Three people familiar with the matter said the groups were regularly talking on a wide range of issues, including consolidation, adding that a takeover was currently not in the works.

Thyssenkrupp is banking on the sale or listing of its elevators division to bring in badly needed funds to finance the ailing conglomerate’s turnaround, hit by a weakening economy, a structure seen as too complex and dwindling investor faith.

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Posted By : Sanju Moirangthem on Fri, 23 Aug 2019
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